Heidenheim and Essen, Germany [RenewableEnergyWorld.com] Voith Hydro and RWE Innogy have formed a new joint venture called Voith Hydro Ocean Current Technologies that is set to develop ocean energy, specifically tidal energy, technologies. Within the framework of its venture capital activities, RWE Innogy will make a capital investment and hold a 20 percent share in the new company. Voith Hydro will be the majority shareholder with 80 percent.

The total investment guaranteed by both Voith and RWE over the next few years equals more than US $38.3 million. The establishment of the joint venture is subject to the approval of the relevant anti-trust authorities.

“We are absolutely convinced: ocean current power stations, and hence renewable energy from the seas, will be an important building block within the energy mix of the future. The cooperation of two partners of such a high caliber is a milestone in the development and the marketing of this young technology,” said Dr. Hubert Lienhard, CEO of Voith AG. “Our common goal is to make ocean current technology competitive as quickly as possible. This is why the close partnership between project developer and plant operator is of special importance to us.”

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